MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
EASTERN COTTON COMPANY |
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Registered Office : |
El
Thaghr Tower, |
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Country : |
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Date of Incorporation : |
1920 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged
in the distribution and export of Egyptian cotton. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 700,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : EASTERN COTTON COMPANY
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 1920
Issued Capital : ŁE 68,400,000
Paid up Capital : ŁE 68,400,000
Total Workforce : 450
Line of Business : Distribution and export of Egyptian cotton.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
EASTERN COTTON COMPANY
ADDRESS
Registered & Physical Address
Building : El
Street :
Town :
Country :
Telephone : (20-3) 3937127
/ 3937125 / 3937120 / 3937126 / 3939900
Facsimile : (20-3) 3913494
Email : eastern-cotton@dataxprs.com.eg
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Alexandria.
KEY PRINCIPALS
·
Mamdouh Abd El Sattar Managing
Director
·
Mahmoud Radwan Administration
Manager
·
Mohamed El Rakhawi Technical
Manager
·
George Youssef Henawy Finance
Manager
·
Yehia Moustafa Shahin Marketing
Manager
·
Nagwa Mounir Export
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1920
Legal Form :
Societe Anonyme Egyptienne
– SAE (Egyptian Joint Stock Company)
Issued Capital : ŁE 68,400,000
Paid up Capital : ŁE 68,400,000
Name of Shareholder
(s) Percentage
·
Cotton, Spinning, Weaving & Garments Holding 100%
Abdin
Tel: (20-2) 3953447
Note to the Legal Form
The Egyptian Company Law provides that the capital of a Societe
Anonyme Egyptienne - SAE – should not be less than ŁE 500,000 if shares are offered
to the public and ŁE 250,000 if not. If shares are offered to the public they
are freely transferable, if not, transfer may be restricted. Liability of
shareholders is limited.
LINE OF BUSINESS
Operations : Engaged in the
distribution and export of Egyptian cotton.
Import Countries
:
Export Countries
:
Subject has a
workforce of approximately 450 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
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Central
Bank of
El Attarin
Tel: (20-3) 4848132
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1920, Eastern
Cotton Company specialises in the distribution
and export of Egyptian cotton. It is wholly owned by the Cotton, Spinning,
Weaving & Garments Holding Company, which in turn is wholly owned by the
Egyptian government. As such the subject is deemed reliable for respecting its
financial trade commitments.
Maximum suggested
credit figure: US$ 700,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)